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statement from ben bernanke and company. qe forever. cheryl: full team coverage for the entire hour, nicole petallides watching traders' reaction from the floor of the nyse, jeff flock watching action on the trading pits of the cme and we have you covered with all-star fed panel. first we begin with nicole petallides on the floor of the nyse with stocks at the top of the hour. the fed now up 6. nicole: we are up six points, we are for six day is a row for the dow jones industrial. some would say people were waiting on the fed, talk about more easing and more stimulus and traders, they were asking about extending the programs, we will see about that. as far as major market averages the dow is just above the unchanged line like the s&p 500 and the ticket in nasdaq pulling back and you see the markets are very tepid and hovering right near zero and waiting for each headline. dennis: thank you, critics are calling it q e forever. the expected in moments to announce a new stimulus. cheryl: a current bond buying program, operation twist is scheduled to end. let's bring in our all-star panel. let'
are joining them. geez, i may faint. now to washington, d.c. with fed chairman ben bernanke sent a chill down the spine of traders on wall street. bernanke said the fed's money printing should last only until we hit 6.5% unemployment. markets didn't like that one bit and a good rally was completely erased. and we go to damascus where the assad regime is firing scud missiles and where did those missiles come from anyway? >>> in a letter to senate majority leader harry reid, 18 democratic senators are requesting a sweetheart deal to delay a 2.3% medical device tax that is part of obama care. due to start january 1st. but you know what, may i with all respect, these guys are hypocrites. they're not supply siders. yes, the tax is a job killer, as they say, but it's only hitting their states. the senators claim the medical device tax kills jobs but why aren't they against all the other job killing obama care taxes or for that matter the fiscal cliff tax hikes that are coming. let's faulk about this. we have igor volsky and guy benson. guy benson, i am glad they have won't up to this lousy medical
the republicans for not even wanting to consider tax increases. but don't you dear blame ben bernanke for not being willing to take bold action to get this economy hiring and moving again! even if his statements about economic weakness ultimately caused the averages to stumble from some pretty lofty levels. dow only declining ability 3 points s & p inching up 4.4%. close in positive territory. nasdaq giving up 2.8%. >> when you look at what ben bernanke did ntoday -- the republicans themselves refuse to get specific on spending until they see something from the white house. the elected portion of our government is not helping this economy at all. their failure to rise above politics to reach a compromise is now really starting to hurt u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business. we are not going to get in your way. we're not going to allow interest rate to go higher until we get many hundreds of thousands of people hired! [ applause ] . ben bernanke has become the jobs commander in chief. we've heard nothing but carping
bernanke also had several caveats. explain those? >> so ben bernanke, the fed chairman, was very clear that today's statement doesn't represent an abandonment of low inflation. he said, for example, that if inflation were to rise unexpectedly, over 2.5% in their own forecasts, that might be reason enough for them to start raising interest rates even if unemployment has not come down 206.5%. >> sreenivasan: markets traditionally love certainty. why didn't they embrace it today? >> i think markets are starting to question whether the fed actually has the ability to deliver on this commitment to low unemployment. they've got the interest rates at 0, they have trillions of dollars worth of bonds and still the economy is very, very weak. >> sreenivasan: going forward, are there things that we should be looking for as signs from the fed on what's going to happen or should we be paying more attention to unemployment rate? >> well, the fed has taken one more step today. they're doubling the amount of bonds they're buying by printing money. they call that quantitative easing. but the other fact
of the fiscal cliff situation denting consumer confidence and business confidence so you really need ben bernanke in there. on friday.t news >> unemployment report was better than expected but needs to be better than that. >> buzz in washington about whether susan rice or john kerry will be the next secretary of state and i'm told the president hasn't made up his mind yet and may not make up his mind until january. he wants to get the fiscal cliff business done with so don't be in a rush to await that decision. chris: when we return, the the week, will barack obama's scores in the second term be on foreign policy or here at home? chris: welcome back. syria, egypt and afghanistan are just the foreign policy challenges we already know about russia out china and there which brings us to the big question this week -- will the president's second term triumphs be abroad or here at home? >> i think his second term will be defined by foreign policy and looming confrontation over iran. chris: politco has spoken. >> despite all of the domestic issues, he will have a bigger role to play on the worl
two-day meeting. a watch is on to see if ben bernanke and policy makers make a decision about the interest rates. later on, the chairman will hold a news conference, and of course, cnbc, will bring it to you live. coverage beginning at 2:00 p.m. eastern. jim, a lot of discussion about how much they are willing to do, given the tenuous nature of the talks in d.c. >> i think that this is one of those that is really at the front. things want to hear things haven't gotten worse. if it hasn't gotten worse, they'll stop buying the bonds. the competitive nature of bonds will rise at the same time the dividends will not be as bountiful. there's enough to not like that i think people will be freaked out. if he is not -- he must be opaque. he must go back to greenspan speak and say, listen, you know, on the one hand, on the other, simply because he has no clue whether we'll go off the fiscal cliff or not. i'm calling for opaque, return to the old days, of we have no idea what he means. >> the headlines the next day that are literally competing headlines. >> please, go back to being uncl
. christine romans is talking markets. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central banks who have been doing so much, pumping money into the system to keep things going. s&p 500 up 13% so far this year. all of these uncertainties we talked about, the fiscal cliff, all of that stuff, it is because of the certainty of fed policy many people are telling me, also because they think on wall street the fiscal cliff will be avoided. they think on wall street the only thing left to do is a little bit of shouting over what the top rate will be. 36%, 37%. they think corporate taxes will come down and we know that that is in the latest sort of proposal from the wh
if the nation goes over the fiscal cliff. fed chair ben bernanke has said if a budget deal can't be reached, there's little the central bank can do to offset the shock of those spending increases and tax cuts. >>> a strong sales report from mcdonald's offset wall street's worries about the fiscal cliff negotiations. the dow added 15 points while the nasdaq gained 9 points. >>> hsbc is paying a record $1.9 billion to settle a federal and state money laundering probe. the british bank was under investigation for allegedly transferring billions of dollars on behalf of iran which is under international sanctions. hsbc is also alleged to have laundered money from mexican drug cartels. under the terms of the settlement, the bank will avoid criminal prosecution if it meets certain requirements. >>> one of the more popular parts of president obama's health care law is a provision that stops insurance companies from turning down patients with pre-existing conditions, but it's going to cost the estimated 190 million americans who are already on health plans about $63 per person. the plan is to raise
bueno ben bernanke hasn transparent and telling people well in advance what he is going to do. the $85 billion should continue building up for our taxpayers balance sheet. >> susie: how does all of this play out in the markets. all of the bond buying, companies are still lding off from hiring and spending, and now the risk, possibly of a recession. how does it play out in the markets for 2013? >> what has happened, with all of this cash going into the market -- into the economy, not only from the u.s. fed, but from europe, from the central bank there, as well as from china, don't forget, so we've had this liquidity which has taken asset prices with the stock market and the bond markets, pricing it way up, it is actually helping housing after a long wait. moving into the future, there will be some duction in relythe fear that people have. it is not only a lack of confidence, but it is a fear of things going wrong. as we get day to day, i think the fed has been the only place in town to inject some optimism or feeling somewhat better in the general public, as well as in business. until w
of the decision and ben bernanke's news conference starting at 12:15. we'll talk to steve leaseman live later in the program. >>> another story that you heard about yesterday, the -- you know, violence and death threats and blood and guts. big implications for big labor. that is michigan's decision to become a right-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't the unionsing putting out a proposition that workers want to join a union? and shouldn't workers feel free to make that choice to say their dollars are going to the union or not based on they feel they're getting results? so that's what this is really doing. so that's why i view this as pro-worker, not anti-union. >> the right-to-work clause regarded as a big blow to organized labor which has seen membership decline across the country. down to private sector 7%. >> you think overall, isn't it, 7%? more than 5
it was being pre-emptive. i wonder if ben bernanke or his follower could preemptively raise rates with the legacy of five years of unemployment. >> host: in this context the book that should have been called volcker roles. [laughter] >> they wanted to pay extra for that. [laughter] death threats is really to show the power of the central bank to influence the economy so the question facing today as a dead to much to compensate for the political arena where nothing has been done? >> we are in a situation of the thirties and listen driven home to many economists that the great mistake was in the 1930's with the federal reserve thereto late to was there easing and under those particular circumstances, i hope that less than it is not so imbedded but you could argue the traditional powers of the federal reserve would be exhausted. maybe one or two in the toolbox but nothing dramatic. but we have to rely upon others or the low return and animal spirit to keep the economy going. were the great financial expansion with the housing market have been 10 japan still fully with europe and the
more can chairman ben bernanke and company do to reassure the market. a senior economist joins us. we know ben bernanke has been. warning us for months. the fed is doing everything it possibly can to pointing the finger at washington that it has to do more. do you think the economy has already suffered for lack of a deal to avoid the fiscal cliff? >> i think so. if we look at business investments declining in the third quarter, some as business nervousness. businesses are holding back on investment, near-term. lori: do agree the fittest and all they all they can in expecting an announcement of wanted it using three this week? the fed cannot solve this problem. >> they need to avoid most of the spending cuts and tax increases with economy likely to go under recession. the fed can help out somewhat but if we see those spending cuts and tax increases, we're likely to see it go back and ino recession. lori: purchasing the short-term, we invest in the long-term help in the mortgage market. we have seen a real those haitian, is it fair to say it has helped those housing in the economy? >> a
and we will hear from ben bernanke itself after they release the forecast around the same time. next, as the newest member of the kennedy family heads to washington, we will take a deep dive into the kennedy family legacy. you are watching "the daily rundown" on msnbc. [ woman ] we knew it was gonna be bad, but never like this. the red cross was down here all the time. [ man ] they've given us a lot of heart. in times of need, they're there. ♪ [ kerry ] my dad was watching his house burn. he turned around, and all of a sudden, there was this guy standing there from the red cross. at a point where i had just lost everything, the idea that there was someone there... that's an amazing thing. ♪ your soups are so awesomely delicious my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil. potato with bacon. we've got a lotta empty cans. [ male announcer ] hear from our chefs on facebook this friday! >> this january another kennedy heads to congress continuing a family tradition for generations. joseph key kennedy iii, grandson of robert f kenne
're looking toward the fiscal cliff, possibly ben bernanke comes out and says more. it seems everyday we don't have a fiscal cliff deal we actually go higher in the stock market. i think we would go lower heading toward the deadline. the market looks strong, apple looks strong. $50 billion in revenue possible. we do look strong. coleman offers 1700 level. lot of activity in december. and they're expecting a huge move in the next week and a half. liz: no real fear in the market, so pretty significant blows around 15. bond yields are not doing anything exciting. do you look at that and say i am in? or do you say the fear trade is over? >> always at the volatility index and that is one of the gauges a look at it daily basis. basically levels of the s&p 500 futures the highest since obama was elected presidency. we sold awfully hard, we got back and possibly took some stocks off. we're reversing a little bit from the upside, selling off a little bit. the fiscal cliff are the two words that will be mentioned the most. we have costco earnings tomorrow, we'll keep an eye on that one. liz: is anybod
, that awareness, that recognition that ben bernanke and former cea lazear should not undermine that we face temporary or futures skills gaps but there is three reasons we should be focused on this. number one, even the unemployment today that is fundamentally about cyclical demand can easily become the next structural skills problem of the future. we know that one of the challenges we face right now in our economy is not just lowering unemployment, but lower and long-term unemployment, and that if we allow regions of our fellow citizens to stay unemployed for year or two years or longer, we know from study after study that they will have more trouble establishing a skill going forward. there will be a crisis for us in the country, but we will also be sitting by and letting a new structural skills gap expand because we're not taking enough efforts right now to get people back to work and deal with long- term unemployment. secondly, there's clearly some immediate still a gap issues. you hear it in wilders, engineers, and we should be focused on that. third and perhaps most importantly, the l
:00 p.m. and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for months and months and months when they go out to purchase longer term treasuries, they're trying to reduce the supply of those in the market and effectively swap short dated cash or other securities. north about 1.25%. whether they're holding reserves or selling the, say, two-year treasury at north of 2 5 basis points, it's effectively the same thing. they're printing 85 million a month and saying we're not doing a twist, we're doing an outright purchase. >> it's different if twist doesn't expand the balance sheet and a new round of stimulus would.
, "ben bernanke is to make a last fiscal cliff police." "topping a yearlong campaign, he would get one last chance to talk washington down from the fiscal cliff. host: c-span will be carrying that press conference live, fed chairman ben bernanke, on c-span 3. you can find that at 2:15 p.m. eastern time. you can find it on their website, we will be archiving that after the fact. what deductions would you give up? let's go to dawn in eugene, oregon. caller code good morning. listen, the contribution thing is a way to be of service, as far as i'm concerned. host: by contribution you mean charitable contribution? caller: yes. it is something that i would want to keep. i mean, not keep, but i would be willing to contribute to that concern about taxes. my main concern is the mortgage deduction. how severe -- many of us have every dollar that we account for on the federal. if we did not have that, we would be up to 25%. this would be quite a severe blow if this were done in a cut and dried fashion. maybe they can do a tiered thing? that is the thing about taxes, a lot of people purchase prope
're also going to have to talk more about ben bernanke. if we go off the fiscal cliff, it shows the irony of how the feds balance sheets isn't addressing the problem. it isn't addressing unemployment. one hand of the government is trying to do something that isn't working and the other hand is shooting in the foot. i think this is going to be interesting listening to bernanke on wednesday. >> ben has already put it out there there's not a lot the fed can do if we go off the fiscal cliff. you speak to a lot of smart people, rick santelli. >> and he's a smart person as well. >> to feel it's going to be a year of strong dollar or weaker dollar. i ask this because so many companies during their latest earning season have pointed to the strong dollar as a real problem for them if they're a multinational. >> i think the relationship between all the developed countries using printing presses like the dollar, yen, euro, are close to levels and ranges we'll see next year. i think in some of the asian currencies we need to pay more attention to. you can only swim so far in a round pool without bang
the blow if the nation does go over the "fiscal cliff" but fed chair ben bernanke says if a budget deal isn't reached, there is little the central bank can do to offset the shock of those spending increases and tax cuts. and holiday shopping is leading to more work. leading jobs placement firm says retailers added more than 465,000 seasonal workers last month. that's up 21% from a year ago. that's your moneywatch. for more, stay with cbsmoneywatch.com. in new york, i'm ashley morrison. >>> time now for a quick look at what's coming up later on "cbs this morning." norah o'donnell joins us from new york. >> good morning. great to see you. we're talking about drug smugglers today. they are getting bolder, moving up the california coast. so we are going on the ocean with the coast guard and their ships to try to stop them. also, we tip off the college basketball season, celebrating 75 years of march madness. never too early to talk about march madness. jim nance has called more final four games than anyone. we'll look back at the players, teams and march madness moments and jim nance will annou
. coverage begins at 10:00 eastern. and later federal reserve chairman ben bernanke holds a news conference following a meeting of the federal open market committee. you can watch that live beginning at 2:00 p.m. eastern. >> the white house national economic council director discusses the fiscal cliff on monday and emphasizes the administration's position on higher taxes for the wealthy. he spoke at a center for american progress forum titled investing in the future, higher education, innovation and american competitiveness. this is 40 minutes. >> it is my great privilege to introduce gene sperling, director of the white house national economic council and assistant the president for economic policy. gene sperling also is a former senior fellow at the center for american progress, pro-growth progressive. and the connection between innovation, education, ensuring we have an economy that works for everyone. i want to say having served in the administration, there is no one in the administration who is more focused on america's long-term competitiveness, short term competitiveness, midterm com
of that. the podium waiting for ben bernanke to make his announcement. steve is inside that room and we will have live coverage of that event for you sccoming up as "street signs" comes up at 2. ceo of destination wealth management, i know you will be waiting to see how the fed chief elab rates on the process of coming to these particular targets. >> yeah, it will be fascinating as reported already. we have historic targets. something very specific that people have been screaming for. when is unwinding going to happen? he set the targets now. we will see what the language is. >> very quickly. what three stocks do you think would be a good play given the environment we're in. >> three quick names. first of all, master card. master card will continue to
chairman ben bernanke makes any comments about that. when he concludes at the conclusion of the two-day fed meeting occurring on tuesday and wednesday. again, dow industrials for the third day in a row looks like it is held to double digit range. today's range is about 56 points. let's look at a couple of dow movers. mcdonald's from the better than expected saim stores sells. weakness we are seeing in home depot along with other details sales numberes. but we continue to see strength in tech. dow and hewlitt packard with a possible break up of that firm. since november about the middle of november, when they hit a 52-week low, all of this despite weakness in apple, this group continues to perform very, very well. energy stocks higher earlier, drifting lower, that has the dow's lead from the highs of the session. lastly we want to note that dovert corporation, took the stock down a couple of points. >> no t.o. the nasdaq now, everybody is talking about apple once again down here, but there is a lot more happening at the nasdaq than just apple today. >> absolutely. but let's lead with apple.
about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. let's not get back to where it was but start going down. that does not have to be austerity. imagine fixing social security. right now, it is
reserve chairman ben bernanke says u.s. unemployment, a huge problem, huge waste of potential -- human potential, he said. bernanke says the fed will replace operation twist with a new $45 billion asset buying program. overall, the fed is committing to buy $85 billion worth of securities a month. the program seeks to keep downward pressure on interest rates to spur the economy. >>> now back to the fiscal cliff. 20 days, count them with me, 20 days out from higher taxes and punishing government spending cuts if there is no deal in washington to craft a softer landing. with me now from los angeles, economist, author, ben stein. ben stein, good to see you, sir. you know, look, despite all we're hearing and seeing out of washington, we can at least discern some movement on this issue of taxes. let me just take you back, house speaker john boehner, his first position was no new taxes. president obama was asking for new taxes totalling $1.6 trillion. after the election speaker of the house ponied up an offer of $800 billion, exactly halfway between his zero and the president's $1.6 trillion.
. and also you have this concern happening in japan. we have this week, ben bernanke and the fed will meet at a two-day fed meeting. a lot of people are hoping to hear from the federal reserve chief that there will be some kind of on going stimulus in the form of, you know, bond buybacks or something. we'll be looking to see what he has to say about the economy. this is another big uncertainty in the markets for the week. you know, this comes after consumer spending showing as "the wall street journal" set this morning, consumer spending, consumer confidence wabbling. this is europe concerns. we're seeing that consumer heading into the end of the year is starting to get a little more nervous about where we're headed here. now fiscal cliffs and payroll, fiscal cliff has a lot to do with this. the american payroll association this is the trade group for all of the small business who's are doing payrolls, you know, paying you. they say the fiscal cliff really isn't january 1st. their fiscal cliff is december 14th. that's the time they need to have the software changed to make sure the tax cha
. speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a fall in consumer confidence and less business activity and he said that it's impair tea that the congress comes to a deal with the white house and he was asked, do you think that term is correct a. fiscal cliff? is it a slope, maybe? he said, no, it's a fiscal can cliff because the economy will hit a brick wall if there is not a deal in january. he says it is not hype. >> he's basically saying if we go over the fiscal cliff, if these lawmakers and white house doesn't make a deal, it could lead to a recession? >> that >> reporter: that's right. we could hit another recession if we go over the fiscal cliff
&p are also up slightly. >>> today is the second day of a two-day policy meeting of the federal reserve. ben bernanke will announce results of the meeting before noon today. he's expected to announce the federal reserve will start a new round of bond buying as it tries to support the tragic economic recovery. bernanke says it is not enough to keep the economy from going over the fiscal cliff but it could help cushion the fall. >>> 8:47. let's bring you up to date on some of the other top stories we're following for you right now -- look at this. a san jose man was arrested after his truck slammed into an apartment building early this morning and children were sleeping inside. luckily nobody was seriously hurt. the building was severely damaged. the 21-year-old was arrested on suspicion of drunk driving. >>> and the united states will be pushing for a united nations security council resolution condemning north korea for lunching that rocket. the u.s. believes north korea uses rocket line of -- launches like that to test its long- range missil technology. >>> and house speaker john boehner thi
their expectations of ben bernanke. nicole: would even throw out the idea of stimulus? that helped things along pushing us along throughout this entire last six months. lori: absolutely. thank you so much, nicole petallides on the floor of the new york stock exchange. protests turn violent in lansing, michigan, as union protesters ripped down a tent belonging to right-to-work supporters. becoming the 24th right-to-work states today allowing workers to get the right to join unions. jeff flock is in lansing michigan covering the story for us. i thought it was interesting how you covered the scene there with michigan a few years back, excuse me, wisconsin. >> wisconsin, exactly. not the same kind of intensity. part of that is because this is already pretty much a done deal. there they had not a teacher headed off. the second one being debated right now. but renew over here to the scene of the george romney state office building. george romney, former governor of wisconsin, and father of mitt romney. the large group of protesters are trying to get into the crowd and see. they have essentially ringe
's waiting for 12:15 eastern time. that's when we find out if ben bernanke is going to keep on printing a ton of money. until then, dead flat for the market. the dow right now is up 9. the fed will make the announcement at 12:15 eastern. eli lilly launching a new trial in its alzheimer's drug. didn't work in two previous attempts. give it one more chance. the stock is down. berkshire hathaway buys back at $131 a share, that's a buyback. caterpillar latest company to move up its dividend payment, pay out on new year's eve instead of next year because of the big tax increase that could be coming next year. says the move is in the best interest of its shareholders. it sure is. we are back in 90 seconds with the gas buddy. gas prices falling steadily, under 3 bucks a gallon in some places. to generate income? th fidelity's neoptions platform, we've completely integrated every step of the process, making it sier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i h
on further stimulus action. >> it will be hard to say how expansionary that move is. if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to remember, of course, you have a change in voting control. it had been controlled by barry diller, it will now be controlled by liberty media. they will own 22% of the economics of trib adviser, but 57% of the total votes of the company, effectively controlling the company. so any thoughts you might have as a shareholder in erms it of the future takeover premium in terms of changing control. well, for now, don't expect them to go to the price that john malone and liberty are paying here. that's quite a price, $62.52 a share. we'll see what th
, and the fed is going to be -- >> the more pressure on ben bernanke. >> absolutely. >> let's look at another area. >> can i add one more point? >> sure. >> when you look at it and larry summers was on this morning, whom i have great respect for, he had the piece from the imf study when you cut the deficit by 1%, what is the impact on the gdp. they didn't get into that this morning but if his numbers he's using 0.9 to 1.4, if you lose 2% to 3% of gdp you'll go to negative growth which will impact -- >> at the very least the wheels will be on the runway. >> absolutely. >> let's switch gears, mario draghi today, listen, i was so wrong and i don't know how long it will last but i give him credit, at least for this period of time, how long it lasts because there is no growth and recession in europe i can't answer but what were your observations on that press conference? >> last night when i wrote about it, mario draghi can put his feet up and have a stella and enjoy. he bought himself time. july 6th will be mario draghi's day of celebration because he stemmed the financial crisis in europe and bo
the great recession. that said, that awareness, that recognition that ben bernanke and former cea lazear should not undermine that we face temporary or futures skills gaps but there is three reasons we should be focused on this. number one, even the unemployment today that is fundamentally about cyclical demand can easily become the next structural skills problem of the future. we know that one of the challenges we face right now in our economy is not just lowering unemployment, but lower and long-term unemployment, and that if we allow regions of our fellow citizens to stay unemployed for year or two years or longer, we know from study after study that they will have more trouble establishing a skill going forward. there will be a crisis for us in the country, but we will also be sitting by and letting a new structural skills gap expand because we're not taking enough efforts right now to get people back to work and deal with long-term unemployment. secondly, there's clearly some immediate still a gap issues. you hear it in wilders, engineers, and we should be focused on that. third an
to save the global economy. ben bernanke said that made him more angry than anything else the u.s. did to avoid the recession. we'll be right back. viewer for capella university. matter. education is the key. it is the vehicle. it's the way in which we evolve. every journey is different every possibility is unique. but the beginning, the beginning is my craft. i'm an ordinary person striving to achieve extraordinary things. it started with a dream and i'm on my way there. but when joint pain and stiffness from psoriatic arthritis hit even the smallest things became difficult. i finally understood what serious joint pain is like. i talked to my rheumatologist and he prescribed enbrel. enbrel can help relieve pain, stiffness, and stop joint damage. because enbrel, etanercept suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal events including infections tuberculosis lymphoma, other cancers, and nervous system and blood disorders have occurred. before starting enbrel your doctor should test you for tuberculosis and d
.m. eastern. later federal reserve chairman ben bernanke holds a news conference following a meeting of the federal open market committee. you can watch it live beginning at 2:15 p.m. eastern. >> the white house was very controversial, as most things in america where. the designer of washington city, there was a competition. he submitted the design for a palace. it was not particularly on inspiring. in fact, in 1821, european diplomat told the congress that it was neither large nor on inspiring. the answer said -- the answer was the building served its purpose. perhaps some president would be inclined to become its permanent resident. >> former new york times photo critic has gathered a few of for favre winehouse photos and the white house, the president's home and photographs in history. one sunday evening at 730 eastern and pacific on american history tv. >> senators chuck schumer and lamar alexander held a press briefing today on planning for next month's presidential inauguration. since 1901 the joint congressional committee on inaugural ceremonies as irresponsible for the planni
on small businesses is no worse than cutting social worthy programs. federal reserve chairman ben bernanke admitted that the spending levels of this administration are unsustainable, just as president clinton declared years ago, the era of big government is over. this congress needs to man up and declare the era of taxing, spending and borrowing is over as well. now is the time for the president to provide leadership and level with the american people and set aside the campaign rhetoric of class warfare division and envy. small businesses cannot and should not be painted with the same broad brush as millionaires, billionaires and wall street executives. we must protect our small businesses and stop promoting the treatment of their income the same as the wealthy. at the same time, this administration needs to admit that raising taxes on small businesses will not help small businesses. we must prioritize our fiscal negotiations by putting spending reductions before addressing new receive news. mr. speaker -- revenues. mr. speaker, i came to washington to get something done. speaker boehner s
. wednesday, chairman ben bernanke told a news conference. an update on the federal open market committee meeting. coverage starts to clock 3:00 p.m. eastern also on c-span 2 3. -- c-span3. >> from the u.s. chamber of commerce, a look at the fiscal challenges facing the nation, including negotiations over the so-called fiscal cliff. former comptroller general and former congressional budget office director explain why they think raising taxes will not solve all the problems. this is just over an hour. >> i will make a fewtoday we are going to talk about three issues briefly. one is that fiscal cliff, to is the debt ceiling. three is the so-called big deal that has to be done on our debt and deficit. unfortunately those issues, convoluted, especially in this town. they are distinct. the impact each other but they are distinct. this fiscal cliff is an artificial state. congress came in, said this law expires on this date. they extended it wants. they put in the sequestration. it is a date. all they have to do is extend the date and allow themselves time to discuss the issues. instead they a
policies that we've had from alan greenspan and ben bernanke, the dollar has lost about a third of its value over the last three years on the dollar index. does that mean that manufacturers like yourself will be forced to bring jobs back to america because now producing elsewhere and importing on that currency effect is now 30% more expensive? >> you know, in that case for us, that is not going to have a big impact. 80% or more of what we sell in the u.s. we already make in the u.s. we really believe in production and if you look at our business and all of the large markets around the world, we have established production basis. if anything, that's perhaps helped us a little bit because we do export about 15% of our u.s. production. overall the biggest impact that the change in currencies have had is really for us the brazilian and indian currencies which have devalued about 25% over the last year. the u.s. dollar change has not had a large impact on us. interesting to hear you talk about housing in this country. sherwin williams, depots, this year have been basing thesis on housing ma
recession. that said, that awareness, that recognition, that's ben bernanke and former ed lazar have all embraced our problems now are more about demand, construction, should not undermine the fundamental importance of dealing with skills or that we may face temporary or future skill gaps. i think there's three reasons why we should be focused on this. number one, even the unemployment today that is fundamentally about the cyclical demand, less -- let's strengthen the economy, can easily become the next structural skills problem of the future. we know that one of the challenges we face right now in our economy is not just lowering unemployment, but lowering long-term unemployment. if we allow legions of our fellow citizens to stay unemployed for a year or two year or longer, we note from study after study that they will have more trouble reestablishing their skills going forward. and that would be a humanitarian crisis for us as a country, but it will also be, we will also be sitting by and letting the new structural skills gap expand because we're not taking enough efforts right now to
capitol hill, starting at 10:00 a.m. eastern on c-span3. also, federal reserve chairman ben bernanke holding news conference. and that it on the federal open market committee meeting. live coverage starts at 2:15 p.m. eastern also on c-span3. >> the white house was very controversial, as most things in america were. washington city, there was competition. he submitted the design for a palace. americans were not having a palace. it was not particularly of inspiring. in 1821, a european diplomat told congress it was the large, nor all conspiring -- nor awe inspiring. but the building circuits purpose. if a larger, perhaps some president would be inclined to become its permanent resident. but the kohlberg has gathered a few efforts davis white house photos -- >> vicky has gathered a few of her favorite white house photos. >> from the u.s. chamber of commerce, and look at the fiscal challenges facing the nation. including negotiations over the so-called fiscal cliff. former comptroller general david walker and former congressional budget office director rudy penner explained why they thi
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